google has about 48 billion in cash. if you squeezed out the cash, put it aside then you get a much lower p-e that you feel you're comfortable with, correct? >> correct. you get to a p-e of about 12 to 13 which adjusted for growth, google is growing much faster than the s&p 500 than you're getting a cheaper stock than the market. i think that's cheap. liz: okay. let me take dan's side since he stood me up. i think i'm being pretty nice. dan says, and i wouldn't disagree with him on this, google has not at least proven to the market that it has in a more exciting way monetized its big purchase of youtube. we have been talking about the budweiser clydesdale commercial. 6.3 million hits on that commercial on youtube. i just checked. it's such a good commercial, but i don't really see how they are monetizing that. if they were able to do that in a better way, why not then take dan's side of it and say what are they doing over there? >> one of the problems google doesn't tell you how much they are making out of youtube. they'